Status Quo
Cryptocurrencies original purpose was to be a digital cash system. Since then cryptocurrencies have been used as a store of value, fuel in an ecosystem, or used as securities. With these new mix purpose functionalities, ZokshPay believes that it is important that cryptocurrencies should all inherently have a digital cash capability and have the ability to be spent. The first transaction was actually quite expensive and maybe was a catalyst of fear of not to spend cryptocurrencies in the infamous pizza bitcoin purchase. One of the first major companies to build the bridge in spending Bitcoin was BitPay. BitPay first enabled merchants to accept Bitcoin as a form of payment to shop on their stores. The second product BitPay launched was the BitPay Visa Card that enables their users to load a Visa debit card with fiat funds converted from Bitcoin building the first payment instrument that enables spending cryptocurrencies. BitPay helped realize Satoshi’s original intentions with Bitcoin and it enabled a cash system to be used via a traditional Visa card and between merchants who wanted to process bitcoin as a payment method.
Since the launch of these two products from BitPay, many companies are now attempting to launch products aimed to make cryptocurrencies more easily accessible and useable in our real world. Companies like Coinbase have launched trading platforms that include fiat on/off ramps for users worldwide through their website and banking relationships. Crypto dot com launched a Wallet and Visa card aimed to make crypto top-ups accessible to users in Singapore.
Many others have taken their sights to build bridges of cryptocurrencies in everyday use with the constant growth of market capitalization as more usage, users, use-cases, and more are released. Popularity has grown through institutional entities now as well with the launch of regulated entities such as Bakkt. With these new products being released there are new doors being opened to both financial institutions and also to third-world markets, such as in Africa, to bring financial inclusion powered by cryptocurrencies. Blockchain-based cryptocurrencies are designed by nature to be transparent on the blockchain and to eliminate fraudulent transactions which we typically see done by Credit Cards and Bank Accounts. In the United Kingdom alone, it suffered over £600 million in credit card fraud losses. Cryptocurrencies by nature are designed to be cryptographic and possibly prevent losses like this from occurring in our markets.
ZokshPay strongly believes that blockchain technology and a society where we operate without cash are important to growing our financial sectors to the next step. The focus will be on facilitating the adoption of cryptocurrencies to millions of users worldwide by creating solutions that meet the standard of the expectations of the user audience. Through understanding the need of users needs, ZokshPay has studied the market to understand the current landscape. A majority of the volume and services provided to users are from a select handful of platforms such as Coinbase, Bitstamp, and BitPay.
These platforms are known for their robust security, high liquidity, and technical infrastructure which enables the services users need while maintaining their level of comfort using these services with trust and safety in mind. However, each of these platforms has their specific niche market they target and don’t necessarily offer the ala carte selection to bring a multi-use service offering in one product or platform. The objective is to understand the background of the market and how ZokshPay can come into it, at this stage. To make its presence, ZokshPay will require the vision to be executed in a fashion where we can offer a vast need of services to users. Zokshpay will focus on offering a first-class customer service with a secure platform that focuses on payments and serviced tailored around cryptocurrencies.